Chip stocks outperform (SOXX+1.4%) after Microchip raises its June quarter guidance, and STMicroelectronics raises its 2013 guidance. Microchip rivals Texas Instruments (TXN+2.6%), Atmel (ATML+3.4%), and Freescale (FSL+2.1%) are among the winners, as is STMicroelectronics rival NXP (NXPI+3.6%). Also, Altera (ALTR+2.5%) is rallying with the help of an upgrade to Buy from Argus, and Intersil (ISIL+2.4%) is benefiting from a bullish coverage launch from Piper. Some chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG.

Samsung Electronics (SSNLF.PK) says its Q1 profit rose 42% to a record high on strong smartphone sales. Net profit rose to a record KRW7.15T ($6.4B), up from KRW5.05T a year earlier. Operating profit rose 54% to KRW8.8T from KRW5.7T. Sales rose 16.8% to KRW52.9T from KRW45.3T, coming in in line with the company's guidance of KRW51T to KRW53T. The results stand in stark contrast those of Apple (AAPL), which earlier this week reported its first profit drop in a decade and forecast margins to decline in the current quarter ending in June.

The PowerShares Dynamic Semiconductors Portfolio (Fund) is based on the Dynamic Semiconductors Intellidex Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
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